Solarworld Energy Solutions Limited’s board of directors, at a meeting held on September 7, 2026, approved a Securities Subscription Agreement (SSA) and Joint Venture Agreement (JVA) with Rays Power Infra Limited to jointly develop a 2.4 gigawatt (GW) solar photovoltaic (PV) cell manufacturing facility in Madhya Pradesh, the company said in a regulatory filing to the stock exchanges.
Under the agreements, Solarworld will acquire and hold 50 per cent of the equity share capital of Rays Green Energy Manufacturing Private Limited, with the remaining 50 per cent held by Rays Power, the filing showed. The joint venture will undertake development, construction, commissioning and operation of the facility on about 41.30 acres of land at Mohasa, Babai, in Narmadapuram district.
The company’s aggregate financial commitment under the arrangement is up to Rs 420 crore, comprising equity subscription of up to Rs 100 crore, of which about Rs 26.82 crore forms the initial tranche, and a loan of up to Rs 320 crore to Rays Green for funding the project, according to the disclosure. Rays Power will separately subscribe up to Rs 100 crore in equity. The company said the transaction does not involve any related-party interest and is not linked to its promoter group.
The board also approved a variation in the objects of its initial public offering (IPO), redirecting an unutilised amount of Rs 420 crore, earlier earmarked for part-financing a 1.2 GW cell manufacturing facility at Pandhurana through subsidiary Kartik Solarworld Private Limited, toward the new Rays Green investment instead, the filing said. The company said the revised project is estimated to cost about Rs 1,000 crore for the 2.4 GW capacity, with commercial production targeted from June 2027.
Rays Green, incorporated in 2022, reported a turnover of Rs 437.63 crore in FY26, up from Rs 166.75 crore in FY25 and nil in FY24, as per the disclosure.
The company also informed exchanges that its trading window for dealings by designated and connected persons would remain closed from September 7, 2026 until 48 hours after declaration of voting results of its 13th Annual General Meeting, and that the AGM notice for the year ended March 31, 2026 would be submitted in due course.
